What is the global market size of Subsea Manifolds Market?

Subsea Manifolds Market size was valued at USD 5.26 billion in 2021 and is poised to grow from USD 5.73 billion in 2022 to USD 10.95 billion by 2030, growing at a CAGR of 9.15% in the forecast period (2023-2030).

Who are the key vendors in the Global Subsea Manifolds Market?

There aren't many new, significant participants in the market. The market is very competitive and moderately concentrated. Schlumberger Limited, Baker Hughes Incorporated, Weatherford International Inc., and Trendsetter Engineering are important participants. 'Aker Solutions', 'Baker Hughes Company', 'TechnipFMC', 'Saipem', 'Subsea 7', 'GE Oil & Gas', 'OneSubsea', 'National Oilwell Varco', 'Cameron International', 'Oceaneering International', 'Dril-Quip Inc.', 'FMC Technologies', 'Siemens Energy', 'Schlumberger Limited', 'NOV Flexibles', 'Emerson Electric Company', 'Prysmian Group', 'Nexans', 'JDR Cable Systems', 'C-Innovation.'.

Subsea Manifolds Market Size, Share, Growth Analysis, By Type (Template, Cluster), By Application (Manufacturing, Injection), By Water Depth (Shallow Water, Deep Water), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15F2106 | Region: Global | Published Date: November, 2024
Pages: 165 | Tables: 62 | Figures: 75

Subsea Manifolds Market Dynamics

Subsea Manifolds Market Driver

Rise in offshore exploration and production activities to boost the market growth

Over the forecast period, it is expected that rising offshore exploration and production activities would drive the market. The global market for subsea manifolds may, however, be constrained by high servicing costs.
The market for subsea manifolds is also expected to benefit from increased technical improvements in drilling operations to fulfil the demand for oil and gas over the forecast period.

Subsea Manifolds Market Restraint

Geographical challenges to confine the market growth

The terrain beneath the water is more abrasive than that above land. Therefore, it needs a better infrastructure. Template manifolds, cluster manifolds, and pipeline end manifolds are a few examples of subsea manifold types that are made to survive extreme depths and demanding conditions. The market for subsea manifolds is being hampered by the decreased crude oil prices.

Subsea Manifolds Market Report Snapshots

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Global Subsea Manifold Market size was valued at USD 4.9 billion in 2022 and is poised to grow from USD 5.19 billion in 2023 to USD 8.45 billion by 2031, growing at a CAGR of 6.29% during the forecast period (2024-2031).

There aren't many new, significant participants in the market. The market is very competitive and moderately concentrated. Schlumberger Limited, Baker Hughes Incorporated, Weatherford International Inc., and Trendsetter Engineering are important participants. 'ABB (Switzerland)', 'Aker Solutions (Norway)', 'Baker Hughes Company (USA)', 'TechnipFMC (USA/UK)', 'Saipem (Italy)', 'Subsea 7 (UK/Norway)', 'OneSubsea (USA)', 'National Oilwell Varco (USA)', 'Oceaneering International (USA)', 'Dril-Quip Inc. (USA)', 'Siemens Energy (Germany)', 'Schlumberger Limited (USA)', 'NOV Flexibles (USA)', 'Emerson Electric Company (USA)', 'Prysmian Group (Italy)', 'Nexans (France)', 'JDR Cable Systems (UK)', 'Jotne Group (Norway)', 'Weatherford (USA)', 'Halliburton Company (USA)'

Over the forecast period, it is expected that rising offshore exploration and production activities would drive the market. The global market for subsea manifolds may, however, be constrained by high servicing costs.

Rise in Offshore Exploration Activities: The demand is growing owing to the increase in offshore exploration activities for oil and gas production. As exploration shifts towards deeper waters and challenging environments, the need for subsea manifolds facilitates a better flow control and the distribution of fluids become essential.

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa make up the subsea manifolds market segments. By making significant investments in deepwater production in the Gulf of Mexico, North America is bolstering offshore output. The subsea manifolds market in North America is expected to grow quickly because of favourable government policies, rising offshore investment, and expanding offshore exploration and production.

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Subsea Manifolds Market Size, Share, Growth Analysis, By Type (Template, Cluster), By Application (Manufacturing, Injection), By Water Depth (Shallow Water, Deep Water), By Region - Industry Forecast 2024-2031

Subsea Manifolds Market Dynamics

Subsea Manifolds Market Report Snapshots

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FAQs

What is the global market size of Subsea Manifolds Market?

Who are the key vendors in the Subsea Manifolds Market?

What is the key driver of Subsea Manifolds Market?

What is the key market trend for Subsea Manifolds Market?

Which region accounted for the largest share in Subsea Manifolds Market?

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